Squeezed light is a quantum resource that can improve the sensitivity of optical measurements. However, existing sources of squeezed light generally require high powers and are not amenable to portability. Here we theoretically investigate an alternative technique for generating squeezing using degenerate four-wave-mixing in atomic vapors. We show that by minimizing excess noise, this technique has the potential to generate measurable squeezing with low powers attainable by a small diode laser. We suggest experimental techniques to reduce excess noise and employ this alternative nonlinear optical process to build a compact, low-power source of squeezed light.